Euro zone finance ministers told Greece it could not go ahead with
an agreed deal to restructure privately held debt until it
guaranteed to implement reforms to secure a second financing
package from the euro zone and the IMF.

Euro zone ministers had hoped to meet on Monday to finalize the
second Greek bailout, which has to be in place by mid-March if
Athens is to avoid a chaotic default, but the meeting was
postponed because of Greek reluctance to commit to reforms.

This isn't new, but it's worth repeating... The problem isn't
just restructuring, but getting more aid, which will be on the
condition of more reforms, which are already tearing apart
society.

Tick... tick... tick...

UPDATE:
Kathemirini reports on a Jean-Claude Juncker interview in Der
Spiegel wherein he apparently says the same thing, that Greece's
choice is basically: Default or reform. The key thing here is
that Euro leaders just don't seem scared of default anymore. In
this post LTRO world, Greece has lost its leverage.